Another week of old-crop net sales reductions for soybeans

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USDA Weekly Export Sales Report

Week Ended Aug. 4, 2022

Corn

Actual Sales (in MT)

2021-22: 191,800
2022-23: 191,300

 

Expectations (in MT)

2021-22: 0-300,000
2022-23: 100,000-600,000

Weekly Sales Details

Net sales of 191,800 MT for 2021/2022 were up noticeably from the previous week and from the prior 4-week average.  Increases primarily for Mexico (135,100 MT, including decreases of 100 MT), Japan (62,300 MT, including 48,200 MT switched from unknown destinations), Honduras (26,300 MT, including decreases of 80,500 MT), Colombia (15,200 MT, including 14,500 MT switched from unknown destinations), and El Salvador (13,700 MT, including 8,000 MT switched from Guatemala, 5,600 MT switched from Costa Rica, and decreases of 800 MT), were offset by reductions primarily for unknown destinations (62,700 MT), Costa Rica (8,600 MT), and Guatemala (4,200 MT).  Net sales of 191,300 MT for 2022/2023 were reported for Italy (105,000 MT), Honduras (47,400 MT), Japan (26,000 MT), Jamaica (6,900 MT), and Mexico (6,000 MT).

Weekly Export Details

Exports of 705,400 MT were down 31 percent from the previous week and 28 percent from the prior 4-week average.  The destinations were primarily to Mexico (225,300 MT), China (207,200 MT), Japan (146,000 MT), Canada (56,100 MT), and El Salvador (30,100 MT). 

Comments and Performance Indicators

Export commitments are 13% behind year-ago, the same as last week. USDA projects exports in 2021-22 at 2.450 billion bu., 11.0% below the previous marketing year.

Wheat

Actual Sales (in MT)

2022-23: 359,200

Expectations (in MT)

2022-23: 200,000-600,000

Weekly Sales Details

Net sales of 359,200 metric tons (MT) for 2022/2023 were up 44 percent from the previous week, but down 34 percent from the prior 4-week average.  Increases primarily for Mexico (99,400 MT, including decreases of 10,100 MT), South Korea (62,000 MT, including decreases of 21,000 MT), Taiwan (50,900 MT), Japan (41,200 MT), and the Dominican Republic (36,200 MT, including 32,900 MT switched from unknown destinations), were offset by reductions for unknown destinations (19,500 MT), the Philippines (3,100 MT), and Peru (100 MT).

Weekly Export Details

Exports of 615,300 MT--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average.  The destinations were primarily to Mexico (144,600 MT), Japan (82,500 MT), Nigeria (81,100 MT), Brazil (66,000 MT), and the Philippines (56,900 MT). 

Comments and Performance Indicators

Export commitments are running 2% behind year-ago, compared with 1% behind last week. USDA projects exports in 2022-23 at 775 million bu., down 3.7% from the previous marketing year.

Soybeans

Actual Sales (in MT)

2021-22: (66,700)
2022-23: 477,200

Expectations (in MT)

2021-22: (100,000)-200,000
2022-23: 300,000-700,000

Weekly Sales Details

Net sales reductions of 66,700 MT for 2021/2022 primarily for Germany (152,400 MT, including 141,000 MT switched from unknown destinations and decreases of 1,500 MT), the Netherlands (151,300 MT, including 138,000 MT switched from unknown destinations), Japan (87,100 MT, including 96,000 MT switched from unknown destinations, decreases of 11,200 MT, and 8,400 MT - late), Pakistan (66,300 MT, including 66,000 MT switched from unknown destinations), and Indonesia (61,400 MT, including 55,000 MT switched from unknown destinations and decreases of 200 MT), were offset by reductions primarily for unknown destinations (569,200 MT), and China (66,400 MT).  Net sales of 477,200 MT for 2022/2023 were primarily for China (195,000 MT), unknown destinations (184,200 MT), Japan (40,000 MT), Mexico (38,600 MT), and Colombia (12,500 MT).  

Weekly Export Details

Exports of 894,500 MT were up 70 percent from the previous week and 92 percent from the prior 4-week average.  The destinations were primarily to China (247,500 MT), Germany (152,400 MT), the Netherlands (151,300 MT), Japan (101,800 MT, including 8,400 MT - late), and Pakistan (66,300 MT).  

 

Comments and Performance Indicators

Export commitments are running 4% behind year-ago, the same as last week. USDA projects exports in 2021-22 at 2.170 billion bu., down 4.0% from the previous marketing year.

Soymeal

Actual Sales (in MT)

2021-22: 90,900
2022-23: 311,200

Expectations

2021-22: 50,000-200,000
2022-23: 75,000-325,000

Weekly Sales Details

Net sales of 90,900 MT for 2021/2022 were down 51 percent from the previous week, but up 9 percent from the prior 4-week average.  Increases primarily Mexico (35,600 MT, including decreases of 2,700 MT), Colombia (31,400 MT, including 21,000 MT switched from unknown destinations), Canada (12,300 MT, including decreases of 900 MT), the Dominican Republic (9,000 MT), and Trinidad and Tobago (6,900 MT, including 700 MT switched from Jamaica), were offset by reductions primarily for unknown destinations (18,000 MT), Nicaragua (6,000 MT), and Belgium (2,700 MT).  Net sales of 311,200 MT for 2022/2023 primarily for Poland (135,000 MT), the Philippines (90,000 MT), Colombia (35,600 MT), Morocco (24,000 MT), and Mexico (21,100 MT), were offset by reductions primarily for Trinidad and Tobago (5,900 MT) and Jamaica (5,900 MT). 

Weekly Export Details

Net sales of 90,900 MT for 2021/2022 were down 51 percent from the previous week, but up 9 percent from the prior 4-week average.  Increases primarily Mexico (35,600 MT, including decreases of 2,700 MT), Colombia (31,400 MT, including 21,000 MT switched from unknown destinations), Canada (12,300 MT, including decreases of 900 MT), the Dominican Republic (9,000 MT), and Trinidad and Tobago (6,900 MT, including 700 MT switched from Jamaica), were offset by reductions primarily for unknown destinations (18,000 MT), Nicaragua (6,000 MT), and Belgium (2,700 MT).  Net sales of 311,200 MT for 2022/2023 primarily for Poland (135,000 MT), the Philippines (90,000 MT), Colombia (35,600 MT), Morocco (24,000 MT), and Mexico (21,100 MT), were offset by reductions primarily for Trinidad and Tobago (5,900 MT) and Jamaica (5,900 MT). 

Comments and Performance Indicators

Export commitments are 2% behind year-ago, the same as last week. USDA projects exports in 2021-22 will increase 1.7% from the previous marketing year.

Soyoil

Actual Sales (in MT)

2021-22: 600
2022-23: 0

Expectations

2021-22: 0-12,000
2022-23: 0-10,000

Weekly Sales Details

Net sales of 600 MT for 2021/2022 were down 51 percent from the previous week and 66 percent from the prior 4-week average.  The destination was Canada.

Weekly Export Details

Exports of 13,700 MT were up noticeably from the previous week and up 88 percent from the prior 4-week average.  The destinations were to Guatemala (5,600 MT), Venezuela (4,000 MT), Jamaica (3,500 MT), and Canada (600 MT).

 

Comments and Performance Indicators

Export commitments are running 2% ahead of year-ago, the same as last week. USDA projects exports will increase 4.5% this season.

Cotton

Actual Upland Sales (in RB)

2022-23: 102,400

Weekly Sales Details

Net sales for 2022/2023, which began August 1, totaled 102,400 RB.  Increases primarily for Vietnam (36,200 RB, including 2,200 RB switched from China and 1,400 RB switched from Japan), Honduras (24,300 RB), India (16,500 RB), China (9,100 RB), and Pakistan (6,400 RB, including decreases of 500 RB), were offset by reductions for Japan (1,800 RB) and El Salvador (400 RB).  For 2023/2024, net sales of 38,400 MT were reported for Honduras (26,300 RB), Pakistan (11,000 RB), and Mexico (1,100 RB).  A total of 2,387,800 RB in sales were carried over from the 2021/2022 marketing year, which ended July 31.

Weekly Export Details

Exports for the period ending July 31 of 114,200 RB brought accumulated exports to 13,179,100 RB, down 11 percent from the prior years’ total of 14,882,100 RB.  The destinations were primarily Turkey (20,600 RB), Pakistan (19,400 RB), China (19,100 RB), Vietnam (11,100 RB), and Bangladesh (9,100 RB).  Exports for August 1-4 totaled 181,300 RB, with China (53,800 RB), Vietnam (37,300 RB), Turkey (23,900 RB), Mexico (13,600 RB), and Bangladesh (13,500 RB) being the primary destinations. 

Comments and Performance Indicators

Export commitments started the marketing year 47% ahead of year-ago. USDA forecasts total cotton exports will fall 5.1% from a year ago to 14.0 million bales in 2022-23.

Beef

Actual Sales (in MT)

2022: 14,600

Weekly Sales Details

Net sales of 14,600 MT for 2022 were up 22 percent from the previous week, but down 17 percent from the prior 4-week average.  Increases primarily for Japan (3,900 MT, including decreases of 400 MT), South Korea (3,100 MT, including decreases of 400 MT), Taiwan (2,000 MT, including decreases of 100 MT), China (1,800 MT, including decreases of 100 MT), and Mexico (1,500 MT), were offset by reductions for Switzerland (400 MT), Indonesia (100 MT), and Bahrain (100 MT).  Total net sales of 200 MT for 2023 were for Japan. 

Weekly Export Details

Exports of 20,800 MT were up 13 percent from the previous week and 11 percent from the prior 4-week average.  The destinations were primarily to Japan (6,100 MT), South Korea (5,100 MT), China (4,400 MT), Mexico (1,300 MT), and Taiwan (1,200 MT).  

 

Comments and Performance Indicators

USDA projects 2022 exports will decline 0.8% from a year ago.

Pork

Actual Sales (in MT)

2022: 21,500
 

Weekly Sales Details

Net sales of 21,500 MT for 2022 were down 31 percent from the previous week and 6 percent from the prior 4-week average.  Increases primarily for Mexico (10,200 MT, including decreases of 500 MT), Japan (3,800 MT, including decreases of 300 MT), China (3,500 MT, including decreases of 200 MT), the Dominican Republic (1,400 MT), and Colombia (800 MT), were offset by reductions for South Korea (100 MT). 

Weekly Export Details

Exports of 27,200 MT were up 4 percent from the previous week and 6 percent from the prior 4-week average.  The destinations were primarily to Mexico (11,900 MT), China (4,800 MT), Japan (4,800 MT), Canada (1,700 MT), and South Korea (1,600 MT).

Comments and Performance Indicators

USDA projects exports in 2022 will drop 5.8% from last year.

 

 

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